- CBA on
- CBA Media
- COVID-19 Hub
View from CBA May 16, 2014
As the Federal Student Loan Turns It is not every week we agree with the left-leaning National Consumer Law Center (NCLC), but this week we did. On May 13, 2014, the NCLC sent a letter to Education Secretary Duncan accusing the Department of withholding information on federal student loan operations. The NCLC, in its letter, cited a lack of access to discuss borrower concerns, issues with collection agency oversight, and access to programs such as income-based-repayment, and loan rehabilitation, among other items. In particular, we noted their request for information and data about why borrowers default and incidence of re-default. It is a great question. For example, some believe defaults rates in the Department’s Parent PLUS program to be as high as 40 percent. Given the government is responsible for $1.1 trillion in student loan debt, shouldn’t the Department be more forthcoming?
CFPB Launches Online Truth in Lending Tool
The CFPB has launched an intuitive, easy-to-navigate electronic version of Truth in Lending regulations (Regulation Z), which will make it easier to implement and use the recently adopted mortgage rules. The eRegulations tool presents the text in clear, readable form, is easy to navigate and allows the user to compare different versions of the regulation in order to identify changes. The CFPB wants feedback on this tool. Is it useful for your work, and should the CFPB continue to add to it? Please take their brief survey and let them know.
Meeting our Bankers
The week began by meeting with CBA Board of Director Chip Carlisle on Monday, May 12, 2014. Chip is Regional Banking Executive, Southwest Region Wells Fargo Bank and is based in Houston. We touched based on a number of issues including developments on Capitol Hill and branch transformation. I then attended the annual Fiserv Forum where former President George W. Bush, and former Target, Apple, and J.C. Penney executive Ron Johnson were keynote speakers. More on that next week.
DigitalPersona is the 28th new CBA Associate member for the 2014 fiscal year. The company focuses on biometrics identity verification solutions, which allow financial institutions to secure and control access to networks, applications and accounts with the touch of a finger.
News and Notes
Dorothy Broadman announced this week her plans to depart Capital One. She has been an integral part of CBA’s Community Reinvestment Committee for 15 years, first representing Cal Fed, and then with Capital One. As a committee member and Chair of the committee from 2008-2010, she has contributed significantly to both CBA and our industry’s efforts in community development. We wish Dorothy the best in her future endeavors and will miss her wisdom.